CBJ — British oil giant BP reports that its third-quarter earnings plunged 96% due to the ongoing COVID-19 pandemic, which has decimated demand and thus pricing.

The London-based company says profits, excluding one-time items and changes in the value of inventories, dropped to $86 million from $2.25 billion in the same period last year.

Brent crude, the benchmark for international oil prices, averaged just less than $43 USD in the third quarter, down more than 30% from the same quarter in 2019.

Demand for aviation fuel fell about 60% from a year earlier as airlines grounded flights, BP said. Demand for retail fuels was off by 7%.

@CanBizJournal